THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
The Papers
Retail Solutions
Food & Drink
Interviews
Property
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
No time for change: Half of us believe cash will become extinct

Over one in eight of us don’t carry cash and half of us believe coins and notes will become obsolete in the future, according to research from Barclaycard and Barclays*.

GENERAL MERCHANDISE

No time for change: Half of us believe cash will become extinct

Over one in eight of us don’t carry cash and half of us believe coins and notes will become obsolete in the future, according to research from Barclaycard and Barclays*.

The research finds that the average British purse or wallet contains just £23 and the majority of us (57%) refuse to carry around one or two penny coins. Half of us (50%) give away small change in some form - either to charity, to children, or simply by throwing it in the bin.

Two thirds of people find carrying cash inconvenient with the top reasons for avoiding cash including the nuisance of receiving a pile of coins back in change, the weight of coins, and the amount of space cash takes up. A tenth (9%) of people find the impact on the line of their clothes a drawback to carrying cash and this is significantly higher among men (15%) compared with women (3%).

In contrast, a third (32%) of consumers prefers to pay by card because it means they never have to worry about carrying cash. Additionally, 17% of people cite the ability to keep track of spending as a benefit of paying by card. New technologies, such as contactless payments, are making paying by card easier, encouraging many shoppers to replace cash for small purchases.

The research also reveals that 41% of shoppers have walked away from a small value purchase in the past because they didn’t have enough cash on them. This was noticeably higher among younger people – 51% of 18-24 year olds admitted to this, compared to 18% of those aged over 65.

Shoppers are also revealed to have a greater understanding of other methods of payment that will save them time and avoid having to carry cash, such as contactless. Almost half of consumers (44%) now recognise the contactless logo at the point of sale, while at the same time in 2010, only a quarter (28%) of people were able to identify it.**

* 2000 consumers polled in June 2011 by Populus; research commissioned by Barclays and Barclaycard

**2000 consumers polled in June 2010 by Populus; research commissioned by Barclays and Barclaycard:

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Conference
The HR Summit 2019
The HR Summit 2019
8 October 2019
Hallam Conference Centre, London W1W 6JJ
The 11th HR Summit 2019, Hallam Conference Centre, 44 Hallam St, Marylebone, London W1W 6JJ
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‚Äėsmall and beautiful‚Äô solutions can increase your conversion rates within just a few weeks.
Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy